BytecoinGuru's personal viewpoint on people claiming:
"BYTECOIN IS A SCAM!!!"
What exactly are you calling a "SCAM"?
1. The project/idea?
Are you calling the idea behind Bytecoin- Privacy, a "Scam"?
You might. There is a high chance, you have already been unconsciously & ideologically steered away from privacy, thanks to the ever-so-growing desire and agenda of the elite to track your every move.
We are so easily sold the idea of "staying connected", that if you told someone to take out their GPS chip out of their phone, they would think you are ABSOLUTELY INSANE.
Cryptocurrencies, or at least the majority of them, address centralization , and try to combat it by having a decentralized system that eliminates a central point of power & control.
Bytecoin was introduced to address the few issues that Bitcoin had back when it was first introduced. One of them is privacy.
Bytecoin is the World's First Private & Untraceable Cryptocurrency.
Assuming each currency functions 100% as expected- then that means that Bytecoin (BCN) is the true Cryptocurrency representation of Privacy; and therefore worth, as a digital asset, as much as privacy is worth to a user when it comes to finances and information.
So, is the idea behind Bytecoin a "Scam" in this case?
No. There is no way an aspect such as privacy can be a scam.
It is simply naturally suppressed by the collective reality we currently subscribe to.
It is an ideal that is hard to reach, especially in the age of technology.
There is (in BytecoinGuru's opinion) an EXTREMELY high chance that once people start to value privacy, they will switch their focus to the privacy-based cryptos. At the forefront of which is the World's First Private & Untraceable Cryptocurrency- Bytecoin (BCN)
The possibility, (which is present for ANY and ALL crypto assets) that the intent behind the code was malicious, is probably the only thing that could pose a real threat.
If the code was built in a way, where a back door drains your digital assets straight out of your wallet, without your permission, that would pose a REAL threat.
Only a cryptographer/ developer would be able to notice such flaws, and he/she is encouraged to make the community aware should such a threat become evident.
2. The team?
Do you think the team is a scam?
If you do- that is OKAY.
You can think whatever you seem justifiable based on the factual evidence you have gathered.
Do you think the team is SCAM just because they choose to remain anonymous?
Or
Do you think the team is a SCAM because they didn't meet your personal expectations?
Both, again, are reasonable and valid arguments.
This is when it is required for you, the one who thinks this is a scam, to look at the situation from a couple of different viewpoints:
a). From the Perspective of a inventor.
If you created a breakthrough technology that provides freedom and privacy and reliability in an age of modern financial enslavement, surveillance, and outdated mediums of exchange... you would probably realize that your project might not be well viewed by the ones who "run things".
If you were responsible for such a profound technology- anonymity might be an option some might prefer to take advantage of.
There are countless examples of inventors who came up with cure for diseases, amazing technologies, and even genuine information whistleblowers who have been suppressed throughout history. Suppressed with one intent only- to control, and hinder our process of evolution.
An anonymous team? I can justify such approach.
What are your thoughts?
b). From the perspective of a business owner/ developer.
I am sure you are aware that REAL- LIFE events happen with a little lag, as opposed to the instantaneous "Refresh" button on your web browser.
We need to remind ourselves, that things take time. Improvements, developments, updates, EVERYTHING.
I cannot help but think of an interview with Elon Musk, where he talks about the average time it would take for an outdated gasoline-ran truck to be moved from the street into a truck graveyard- 36 YEARS OF LEGAL PROCESSES AND PAPER WORK.
Again....look at how long it took for the modern civilization to end up where it is at currently, and how long it took for it to get SO BAD/ SO GOOD (depending on how you look at it)
Instant gratification is affecting our realistic expectations for the new digital projects that are coming out.
The team has continued to provide the user-base with updates and improvements. So, as far as keeping the ACTUAL ASSET updated- the team seems to be on top of it.
There have been allegations of fake personalities and inaccurate team member images. Such possibility of fake news is very questionable and "sketchy".
But, is it a deal breaker when it comes to the development and nature of the idea & technology behind the digital asset?
Again, if you invented a technology that could break every current corrupt system- would you be public?
What do you think?
3. The actual digital asset?
Do you think the very BCN digital asset being bought or sold are scam?
And if you did think so, what action/ performance malfunction did you encounter to make you believe so?
Bytecoin is a cryptocurrency, and therefore a medium of exchange.
A digital asset that could be used for transfer of value.
That digital asset (BCN) has intrinsic value before it even goes into circulation.
Bytecoin acquires its value because of the very idea behind it- privacy.
This desire for financial privacy gives the miner and/or the BCN user a incentive to mine for Bytecoin, and use electrical resources to obtain a Bytecoin.
Furthermore, value is added by Bytecoin's advanced crypto features:
- Speed (instantaneous private transactions)
- Untraceability
- Anonymity
- unlinkability (blockchain analysis resistant)
This is all in addition to the very important rule of economics- Supply & Demand.
There is a finite amount of Bytecoin- 184,470,000,000. This is extremely important, for it ensures that there is no chance to "cheat" the system, nor print more money for themselves.
Ideally, one would prefer to have a reliable, suitable, and trustworthy medium of exchange.
...Well let's take a look at the medium of exchange that is currently considered a *global currency.
The US Dollar aka Federal Reserve Note
For example
The global currency (US.Dollar ) is backed only by the word "legal", since it ceased to be redeemable in gold back in 1933 during U.S president Roosevelt's term in office. By 1973, U.S. dollars were backed by nothing, obtaining its value solely from the “full faith and credit” of the U.S. Government.
AKA you gotta trust us ;)
A piece of paper that someone could just print at the click of a button, later on requires a human to work for hours to EARN it.
Yet, 64% of the World STILL TRUSTS the U.S Dollar,
- its 2,946 % cumulative price change since 1860,
("In other words, $1 in 1860 is equivalent in purchasing power to $28.56 in 2015.") - it's declining purchasing power of -95% in the last 85 years
- and even its country's 21 trillion $ deficit.
As you can see some of the numbers do not, or SHOULD not match the current status of the US Dollar, yet- people continue using it on a daily basis.. GLOBALLY!
When we compare the total amount of dollars that are out here to the Bytecoin Max supply it really paints a picture that not a lot of people consider, when talking about circulating supply.
Bytecoin Max Supply: 184,470,000,000
JUST Paper U.S Dollars: 1,690,000,000,000
Total Number is US Dollars in circulation- $1.69 TRILLION
and its total derivatives contracts (as of 2014)- $173 TRILLION
That's almost 1000x MORE than the circulating supply of Bytecoin.
So when we are judging a digital asset, we need to compare apples to apples, and look at the objective facts, and statistics.
Looking at the project objectively, does it have an equivalent in the market? Is there another crypto asset that addresses the same money ideals as Bytecoin?
- Why have you invested your time into Bytecoin?
Obviously, it is taking some time out of your day to be upset and disappointed about the progress and status of Bytecoin.
Why?
Have you invested your time or money into it?
Maybe you have spent a while doing research?
Maybe you have invested your money (time) into the project, and the market has caused you to withdraw at a lower price point, ultimately losing $$$.
Side note- Price is what you pay. Value is what you get.
Side note #2- You never lose $$$ unless you sell your assets for lower price than what you bought them for.
Or maybe you are truly disappointed to see such an ambitious project 'struggle' to reach it's full deserved public recognition.
I am. I mourn the death of common sense in our society on a daily basis.
But patience takes time. And price does not determine value. Neither do the opinions of a couple of individuals who got swallowed by the volatile market.
If you believe in the idea behind The World's First Private and Untraceable Cryptocurrency, and you're aware of the technology behind it as well as the global aspects and affairs that affect the use of money- you will have a different perspective on this particular digital asset, as well as the good during all of its price movements.
Below are some of the links that were used as reference for the statistics given above:
https://www.thebalance.com/world-currency-3305931
https://fred.stlouisfed.org/series/CUUR0000SA0R
http://www.usdebtclock.org/
https://www.federalreserve.gov/faqs/currency_12773.htm
https://www.bis.org/publ/qtrpdf/r_qt1506.pdf (pg6)
https://www.federalreserve.gov/faqs/currency_12770.htm
https://buygoldandsilversafely.com/gold/what-really-backs-the-us-dollar/
http://www.in2013dollars.com/1860-dollars-in-2015?amount=1
BytecoinGuru